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Current study sheds the light on the financial development-energy nexus in 32 Belt and Road economies during 2000-2015. Financial development is proxied by domestic credit to private sector. We first examine the order of integration by employing five different panel unit-root tests. Further, we confirm long-term relationship between the variables by running Pedroni and Kao panel cointegration tests. Fully Modified Ordinary Least Squares (FMOLS) regression reveal positive long-term relationship between financial development and energy use. Results of Dumitrescu-Hurlin panel causality test fail to reveal causal relationship between financial development and energy in our sample.Keywords: energy consumption, financial development, Belt and Road countriesJEL Classifications: G2, O4DOI: https://doi.org/10.32479/ijeep.10862
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Janpolat et al. (2021) studied this question.
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